Greater Noida: Out of the entire saga of land acquisition in Noida Extension and Greater Noida, the allottees who have already invested into their dream house and the new investors would be the real sufferers.

As a result of the hike in land compensation for framers, the Greater Noida Industrial Development Authority (GNIDA) is going to hike the prices of properties.

The Authority decided on Friday to hike the prices of properties by 16 to 40 percent. The new prices of properties will come in effect from September 2.

The housing prices are set to increase from Rs 12,993 per sq metre to Rs 16, 900 per sq metre.

Moreover, prices of land for group housing, hospital, dispensary, entertainment, club, industrial and other purposes will also be increased.

This is the second instance when the Authority has hiked the prices. Earlier it was hiked by 12.5 to 20 percent on April 1.

Chief Executive Officer of GNIDA, Rama Raman told the reporters, “After convincing farmers of Patwari, we are trying to build consensus among farmers of other villages too.”

“Authority will get an extra burden of Rs 80 crore to give compensation to these farmers….so, we need to hike the prices,” he said.